A sub-advised equity shop took the lead last month among small fund firms.

The fund flows information within this article draws from Morningstar Direct data on mutual fund and ETF flows (excluding money market funds and funds of funds) in June 2018, specifically for small fund firms (those with between $1 billion and $10 billion in fund and ETF AUM).

Pear Tree brought in $538 million in net inflows in June, more than any other small fund firm and up from $113 million in May. Other big winners in June included: Pacific Funds, $346 million (up from $50 million); Tortoise, $307 million (up from $83 million); ARK, $271 million (up from $143 million); and Angel Oak, $164 million (down from $189 million).

Proportionately, ARK won June among small fund firms, thanks to estimated net inflows equivalent to 12.76 percent of its AUM, up from 7.92 percent in May. Other big inflows winners in June included: Pear Tree, 11.68 percent (up from 2.75 percent); Semper, 7.42 percent (down from 9.7 percent); Tortoise, 7 percent (up from 2.06 percent); and Wilshire, 5.72 percent (up from 0.44 percent in net outflows).

On the flip side, June was a rough month for Cambiar, which suffered estimated net outflows of $749 million, down from $29 million in net inflows in May. Other big June outflows sufferers included: KraneShares, $227 million (down from $259 million in net outflows); USCF, $224 million (up from $10 million); Brookfield, $218 million (down from $36 million in net inflows); and Hennessy, $182 million (up from $160 million).

As a group, fund families with between $1 billion and $10 billion AUM each suffered a combined $343 million in net outflows in June, equivalent to 0.07 percent of their combined AUM. That's down from $1.818 billion in inflows in May.

Across the whole industry, mutual funds and ETFs suffered $23.037 billion in estimated net outflows in June, equivalent to about 0.13 percent of industry AUM (which reached $18.33 trillion as of the end of June).&nbsp